The so-called “Inflation Reduction Act” just passed the House of Representatives. What does this bill do and how does it affect you?
It’s no surprise that the bill passed. The largest barrier Democrats have faced of late is Joe Manchin along with a few others. Their strategy here was to have Manchin aid in the process of drafting the legislation himself. Their strategy appears to have worked.
Despite the name, the Inflation Reduction Act does little to curb inflation at all. According to data from the Congressional Budget Office itself, it may possibly even raise inflation slightly. Let’s say it does what it’s intended to do and give Congressional Democrats the benefit of the doubt. Even if it does lower inflation, it may be as little as 0.1%.
What the bill does do is massively inflate the IRS. The Bill spends $80 million on expansion to the IRS equipping them to audit far more Americans. If you look at this map of IRS audits, you will see a troubling trend. The IRS disproportionately audits red states and poorer communities. Now, with 87,000 new auditors, the administrative state will have a significantly stronger arm to keep their political enemies poor.
The act also focuses on deficit in government spending and so called “green” investment. The vast majority of the spending, a whopping $369 billion is going straight into spending for electric vehicles and other green initiatives. To call this bill the “inflation reduction act” is quite misleading on its face. In a vote of 220-207, however, the inflation reduction act passed the house today.
If the spending was actually focused on inflation or easing the pain on Americans’ wallets, that would be one thing. This bill is disastrous and more Americans should know just how much of a lie this is. It’s our responsibility as Americans to ensure that everyone we know knows the truth about this IRS Green New Deal. Spread the word and let’s take back Congress in November.